Rajasthan-based smart metering solutions company Genus Power Infrastructures has announced that its subsidiary has been awarded smart meter contracts worth ₹29.26 billion (~$348.6 million).

These contracts involve designing, supplying, installing, and commissioning an Advanced Metering Infrastructure system.

This includes deploying approximately 3.75 million smart prepaid meters and system meters, along with distribution transformer meters for energy accounting on a design, build, finance, own, operate, and transfer basis.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures, said, “This ongoing success highlights the trust our clients place in our expertise and the exceptional quality of our offerings.”

Genus Power’s total order book now exceeds ₹243.83 billion (~$2.9 billion), including special purpose vehicles and the GIC Platform. The contracts span eight to ten years.

In addition to metering, Genus Power has an engineering, construction, and contracts division that complements its core business.

The company’s manufacturing facilities are in Jaipur, Haridwar, and Guwahati, with a combined production capacity exceeding 10 million meters annually.

Last year, the company signed definitive agreements with Gem View Investment, an affiliate of the GIC, Singapore’s sovereign wealth fund, to set up a platform to undertake Advanced Metering Infrastructure Service Provider concessions with an initial investment of $2 billion.

Earlier, the United States International Development Finance Corporation agreed to lend ₹49.5 million to Genus to accelerate the implementation of electric smart meters across India.

Under the government’s prepaid smart metering intervention, 197.92 million prepaid smart meters, 5.22 million distribution transformer meters, and 188,491 feeder meters worth a total ₹1.3 trillion (~$15.61 billion) had been approved, the Ministry of Power said in its year-end review for 2023.

The prepaid smart meter program has an estimated outlay of ₹1.5 trillion (~$18.01 billion) with a government budgetary support of ₹230 billion (~$2.76 billion) and a target of installing 250 million prepaid smart meters.